It is an incorrect presumption that the funds received on your death from any life insurance policies taken out at the same time as your mortgage will automatically pay off the said mortgage. This will probably not be the case!!!!
This is of particular importance if you are not married to the person you live with, should the life insurance proceeds pass through intestacy generally to your next of kin, your partner could end up with a very large liability and with no funds to pay it.
Perhaps even worse sometimes the life insurance policy can be paid out to your ex-wife/husband!
This is why at Ringrose Law we strongly advise that you make a Will when you take out a mortgage so you can clearly set out what should happen in the event of your death.
A recent survey showed that over 60% of adults in the UK have not made a Will, and more alarmingly 74% of co-habiting couples do not have a Will. Without a valid Will, your loved ones will have little control on the inheritance of your estate.
Our Wills and Probate team in Lincolnshire and Newark, are experienced in dealing with Wills, tax, probate, intestacy, lasting powers of attorney, trusts and everything else to do with planning for your future. Our dedicated, friendly and caring team of experts will take the time to be available to listen and understand your situation, before giving you clear and straight forward advice.
Take control and make your Will today. Contact your nearest Ringrose Law Office in Boston, Grantham, Lincoln, Sleaford, Spalding and Newark.